Macro Economic Theory-I

Paper Code: 
COM 504
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

This course will enable the students to-

The objective of this course to explain basic concept of macro-economics and also discuss different types of macro-economic variables

Course Outcomes (COs):

 

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

COM  504

MacroEconomic Theory I

CO 170 Understand the fundamentals of macroeconomics, aggregate demand and aggregate supply

CO 171 Critically evaluate the classical aspects of macroeconomics and the Keynesian macroeconomics concept.

CO 172 Assess the economic performance by understanding components and methods of calculating National Income

CO 173 Identify the source economic growth by understanding the indicator of growth and development

Approach in teaching:

Interactive Lectures, Discussion, Tutorials, Reading assignments, Team teaching

 

 

Learning activities for the students:

Field activities, Presentation, Giving tasks

Observation, Presentation, Report writing

 

7.00
Unit I: 
Macro Economics

Meaning, Definition, Nature, Scope, Importance and Limitations and Types of Macro Economics-Macro Static, Macro Dynamic and Comparative Static. A concept of circular flow of Income.

10.00
Unit II: 
Classical Theory of Employment

Assumptions, Determination of Full employment output, Says Law of Market: Equilibrium in commodity Market, Implications of Says Law of Market, and Criticism of classical theory of employment.

10.00
Unit III: 
Keynes’ theory of Employment and Output

Aggregate Supply, Aggregate Demand, Effective Demand, Comparison between Classical and Keynesian contribution..

8.00
Unit IV: 
National Income Analysis

Definition, Concepts, Methods of measuring National Income, Importance of national income, Difficulties in measuring National Income.

10.00
Unit V: 
Economic Growth and Development

Meaning, difference between growth and development, indicators of economic growth, role of economic and non economic factors in economic development

Essential Readings: 

• Macro Economic analysis - Edward Shapiro, Galgotia Publication, Delhi
• Macro Economic theory - M.L. Seth, Laxmi Narayan Agarwal, Agra
• Macro economic Theory – M.C. Vaish,Wishwa Prakashan, New Delhi

References: 

• Macro Economic Theory, H.L.Ahuja, S.Chand & Sons Publication, Delhi
• Dipsey R.G and Cheystal, Principles of economy, Oxford university Press

Academic Year: 
2020-2021
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